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UAE's gross domestic product, GDP, grew by 7.4 per cent in 2004 as the country recorded a GDP of AED323.6 billion (about US$88 billion) against AED301.3 billion in 2003, according to 2004 annual report of the UAE Central Bank, cited by WAM.

The report, which was issued Monday, said the UAE's non-oil sector recorded a 9.4 per cent growth as the sector accounted for 71.7 per cent of the 2004 GDP, while the crude oil and natural gas sector rose from the AED 91.03 billion in 2003 to AED93.63 billion in 2004, representing a growth of 2.9 per cent.

It said due to the high GDP growth at a rate higher than that of the population growth, the per capita income improved slightly in 2004 to reach AED74,900 compared to AED74,600 recorded in 2003.

The report said initial estimate of the balance of payment had shown that surplus had been achieved in the 2004 trade balance and the current account. It said the trade balance surplus rose by 34 per cent, the current account surplus also surged by 71.3 per cent, compared to the one achieved in 2003, while the 2004 general balance achieved a surplus of AED12.8 billion, compared to the AED4.7billion recorded in 2003.

The report pointed out that net foreign assets had also appreciated by AED15.39 billion, representing 11.3 per cent, net local credit also surged by AED41.26 billion, representing 27.1 per cent, while capital, reserves and other various articles rose by AED8.84 billion, representing 10.02 per cent.